The Cabinet of Ministers Allows Banks to Export Cash Dollars without Restrictions
The Cabinet of Ministers of Kyrgyzstan amended a resolution regarding economic security
The Cabinet of Ministers of Kyrgyzstan has made amendments to the resolution titled “On measures to ensure the economic security of the Kyrgyz Republic” dated January 13, 2023.
The newly added Paragraph 1-1 specifies that the resolution does not apply to commercial banks, exchange offices, microfinance, and microcredit companies that are licensed by the National Bank to conduct exchange transactions with foreign currency in cash.
This amendment will come into effect ten days after its official publication, which was done in the Erkin Too newspaper on August 6.
Previously, the Cabinet of Ministers had imposed a temporary ban on the export of foreign currency in cash from the country until further notice. If residents and citizens of Kyrgyzstan are found to be exporting cash U.S. dollars exceeding $10,000, a fee of 10 percent of the excess amount will be charged.
These measures are aimed at securing the economic stability of the Kyrgyz Republic and ensuring compliance with the regulations set by the government.
